Group 1 - The defense and military industry sector remains highly active ahead of the upcoming military parade, with the "August 1" defense and military ETF (512810) opening higher on August 18 [1] - Key stocks in the sector include China Shipbuilding Industry Corporation and Tianhai Defense, both of which saw gains exceeding 5%, while popular stock Great Wall Industry fell by 4% and Aerospace Science and Technology dropped by 2% [1] - The defense and military ETF (512810) recorded a weekly trading volume of 594 million yuan, marking the second-highest level this year, indicating strong market sentiment [1] Group 2 - Multiple institutions have recently emphasized the importance of monitoring the military parade as a catalyst for market movements, noting that previous parades from 2015 to 2019 led to significant price increases in the defense and military sector [3] - According to a report from CITIC Securities, the market's profit-making effect continues to accumulate, and the trend of increasing liquidity is expected to persist, suggesting a focus on the defense and military sector along with other strong industries [3] - The "August 1" defense and military ETF (512810) is highlighted as an efficient investment tool that covers various hot topics such as commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion [3]

| 分时 多日 = | F9 帝前魯后 晉加 九詩 國线 丁具 (2) > | 国际空间中心 | 0 7 5 +0.004 +0.56% | 512810[国防军工ETF] 10:46 价 0.715 涨跌 0.004(0.56 ... | LAND TO THE LEAST OF CHANGE OF THE CONTRACT AND THE CONTRACT CONTR | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.716 | 0.70% | | | | | | | | | | | | | | | | | | | 用融/ ● + | SSE CNY 10:46:00 交易中 | 0.714 | 华宝中证军工ETF | 净值走势 | 申旋清单 | | | | | | | | | | | | | | | 委北 | 3.78% 型 | 10357 | 最小申赎单位份额 ...

Group 1 - The defense and military industry sector showed mixed performance, with Longcheng Military experiencing a drop of over 8% and Aerospace Science and Technology hitting the daily limit down, while commercial aerospace and low-altitude economy stocks rebounded, with Feiliwa rising over 12% to reach a historical high [1] - The National Defense and Military ETF (512810) managed to turn positive during trading, indicating strong buying interest, with over 44 million yuan of funds added on dips [1][3] - As the A-share market enters a period of intensive semi-annual report disclosures, the alignment between expectations and actual performance in the defense and military sector will be crucial for sustained growth [3] Group 2 - Three constituent stocks of the National Defense and Military ETF (512810) have released their mid-year reports for 2025, with Yingliu Co. and Xiangdian Co. achieving double-digit revenue growth year-on-year, while Haige Communication barely made a profit, with net profit down over 98% [3][4] - Recent institutional reports have highlighted the importance of the upcoming military parade as a potential catalyst for the sector, noting that previous parades from 2015 to 2019 saw a pulse-like increase in the defense and military stocks [4] - The National Defense and Military ETF (512810) covers various popular themes including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, serving as an efficient tool for investing in core assets of the defense and military sector [5]

Core Viewpoint - The defense and military sector is experiencing volatility, with significant fluctuations in stock prices, particularly in the context of the recent market movements and upcoming financial disclosures [1][3]. Group 1: Market Performance - The Shanghai Composite Index broke through 3700 points before experiencing a pullback, with the technology growth sector showing rapid differentiation and the defense and military sector declining [1]. - The defense military ETF (512810) opened at a three-and-a-half-year high but later fell by 1.66%, despite strong buying interest and a trading volume of 1.39 billion yuan, indicating high market activity [1][3]. - Longcheng Military and other popular stocks saw significant declines after reaching historical highs, with Longcheng Military dropping 7.12% on a trading volume of 85.85 billion yuan, despite a recent surge of over 100% in the past month [3]. Group 2: Stock Analysis - The defense military ETF (512810) has been actively attracting capital, with continuous premium trading and high-frequency trading activity, suggesting ongoing investor interest in the sector [3][4]. - China Great Wall stock showed resilience, hitting a new high for the year with a 3.6% increase and a trading volume of 121 billion yuan, making it the third-largest stock in the A-share market [3]. - The market is expected to face a tug-of-war between bulls and bears following recent breakthroughs, with profit-taking potentially increasing volatility in the defense and military sector [3]. Group 3: Future Outlook - The upcoming military parade is anticipated to boost sentiment and expectations in the defense and military sector, potentially catalyzing further market activity [3]. - The upcoming half-year reports are crucial, as the alignment between expectations and actual results could significantly impact the sector's continued upward trajectory [3].

8月14日午后，大盘新高后回落，国防军工板块加速走低，代码有"八一"的高人气国防军工ETF （512810）场内价格一度下探2%！场内放量溢价，成交快速突破1亿元。 回归板块逻辑，银河证券研报认为，内需+军贸+阅兵情绪共振，国防军工迎发展机遇。具体而言： 短期看，随着Q1订单放量，高库存背景下，Q2部分中上游企业业绩端或将改善，并逐步向中下游传 导。其次，"9·3"阅兵为行情重要催化剂。 中期看，"十五五"装备计划预期积极，订单端牵引有望于Q4落地。此外，2027年建军百年近在咫尺， 三年高景气有望延续。 长期看，印巴冲突擦亮中国军工名片，军贸迎来"Deepseek"时刻，内需+军贸共振，装备需求空间打 开；其次，北约各国大幅提升军费支出，全球军备竞赛升级，我国军费仍有较大提升空间。 【投军工，选"八一"】代码有"八一"的国防军工ETF（512810）兼顾传统主战力量与新域新质力量，覆 盖"商业航天 + 低空经济 + 大飞机 + 深海科技 + 军用AI + 可控核聚变"等诸多热门题材，同时是融资融 券标的+互联互通标的，是一键投资国防军工核心资产的高效工具。 数据来源于沪深交易所、公开资料等。 热门成份股集体 ...

Market Performance - The A-share market experienced a significant surge on August 13, with the Shanghai Composite Index achieving an 8-day winning streak and surpassing the previous high from the "9·24" market, reaching a peak of 3688.63 points, the highest in nearly four years [1] - The total trading volume of the two markets exceeded 2 trillion yuan, indicating strong market activity [1] Sector Highlights - The technology and defense sectors have shown rapid growth, with the defense and military industry being particularly active. The high-profile defense ETF (512810) reached a new high of 0.724 yuan, marking a 3.5-year peak with a trading volume of 1.36 billion yuan [1] - Five stocks within the sector hit the daily limit, including Feilihua, which surged by 20%, and Changcheng Military, which has seen its stock price double in the past month [3] Fund Flow and Stock Performance - The defense ETF (512810) saw significant inflows, with major stocks like China Great Wall receiving 1.124 billion yuan from institutional investors, indicating strong market confidence [3] - Other stocks such as Feilihua, Aerospace Science and Technology, and Changcheng Military also experienced substantial net inflows, highlighting the sector's attractiveness [3] Industry Outlook - The commercial aerospace sector is identified as a key growth area, with recent satellite launches indicating a burgeoning industry. As of August 9, a total of 73 low-orbit satellites have been launched [4] - Historical analysis suggests that defense and military stocks typically experience a surge in sentiment and performance around significant events such as military parades, with August being a critical period ahead of such events [4][5] Investment Logic - Short-term prospects are positive due to increased orders and improving performance in mid to upstream companies, with the "9·3" military parade acting as a catalyst for market activity [5] - Mid-term expectations are bolstered by the "14th Five-Year Plan" and anticipated orders, while long-term growth is supported by rising military expenditures globally and increased domestic demand for military equipment [5] ETF Characteristics - The defense ETF (512810) provides exposure to a range of sectors including commercial aerospace, low-altitude economy, and military AI, making it an efficient tool for investing in core defense assets [5]

8月13日早盘，沪指开盘后快速突破去年"924行情"前高，上探3680.477点，创2021年12月14日以来新高！ 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。以上个股均为标的指数成份股，仅作展示，个 股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的本基金的风险等级为R3-中风 险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预测、图 表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成 对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未 来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资需谨慎。 商业航天消息面，国网星座3组卫星互联网低轨卫星近日成功发射入轨。9天3发，高密度的发射节奏，显示出我国卫星互联网建设正在提速。 我国商 ...

8月13日早盘，沪指开盘后快速突破去年"924行情"前高，上探3680.477点，创2021年12月14日以来新 高！ 科技成长风靡全市场，国防军工板块强势反弹！代码有"八一"的高人气国防军工ETF（512810）开盘后 快速拉涨逾1%，成交超5400万元，近10日逾1．4亿元资金提前埋伏！ 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。以上个 股均为标的指数成份股，仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基 金的持仓信息和交易动向。基金管理人评估的本基金的风险等级为R3-中风险，适宜平衡型（C3）及以 上投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容 所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理人管理的其他基金的业绩 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the development and significance of **unmanned loyal wingman** technology in the military aviation sector, emphasizing its role in enhancing combat capabilities through collaboration with manned aircraft [1][2]. Core Insights and Arguments - **Market Growth**: The unmanned loyal wingman market is expected to grow significantly during the 14th Five-Year Plan period, potentially matching the overall value of newly added fifth-generation aircraft annually [1][5]. - **Collaboration with Manned Aircraft**: Unlike traditional drones that operate in groups, unmanned loyal wingmen are designed to work closely with manned aircraft, enhancing reconnaissance and strike capabilities [3][6]. - **Stealth Technology**: Stealth capabilities are crucial for unmanned loyal wingmen, allowing them to integrate effectively into modern aerial combat systems. Countries are focusing on stealth performance to reduce radar cross-section [1][8][9]. - **U.S. Development**: The U.S. introduced the concept of loyal wingmen in 2015, aiming to achieve a fleet of 1,000 by 2030. China is also expected to reach a similar procurement level during the 14th Five-Year Plan [7][12]. Additional Important Content - **Technological Trends**: The development trend for unmanned loyal wingmen includes platformization and formation flying, with increasing autonomy driven by military AI advancements. Data link capabilities are essential for effective manned/unmanned operations [10]. - **Key Companies in the Industry**: Major players in the unmanned loyal wingman supply chain include: - **Assembly**: Shenyang Aircraft Corporation (沈飞) and Chengdu Aircraft Industry Group (成飞) - **Stealth Materials**: Jiachi Technology (佳驰科技) - **Engine Manufacturing**: Aero Engine Corporation of China (航发动力) - **Electronic Systems**: 712 Institute (712 所) [4][11][13]. - **Future Expectations**: Anticipation for new mid-range loyal wingman models from Shenyang and Chengdu, with a focus on different military branches' procurement shares, and significant breakthroughs in data link technology to enhance joint operations [12]. Conclusion - The unmanned loyal wingman technology represents a transformative shift in military aviation, with substantial implications for combat strategies and industry dynamics. The emphasis on stealth, collaboration with manned aircraft, and the involvement of key companies highlight the potential for growth and investment opportunities in this sector [1][2][10].

Core Viewpoint - The defense and military industry sector is experiencing a short-term adjustment after a three-day rise, with the high-profile defense military ETF (512810) seeing a decline after reaching a three-and-a-half-year high [1][3]. Market Performance - The defense military ETF (512810) opened at a new high but closed down 0.69% with a trading volume of 154 million yuan, marking five consecutive days of over 100 million yuan in trading [1]. - Notable stocks such as Jihua Group, Great Wall Industry, and Qiyi Er achieved significant gains, with Great Wall Industry hitting a record of five consecutive trading limits [3]. - Conversely, Western Materials fell by 7.63%, leading the decline, while major stocks like AVIC Chengfei, AVIC Shenyang, and AVIC Xi'an also experienced declines [3]. Investment Sentiment - Recent inflows into the defense military ETF (512810) have been substantial, with net purchases exceeding 160 million yuan over the past ten days, pushing the fund's size to a historical high of over 1 billion yuan [1][5]. - The rapid increase in financing balance for the ETF, reaching 33.8 million yuan, indicates heightened market activity and potential volatility [3]. Long-term Outlook - The "14th Five-Year Plan" is nearing its conclusion, and upcoming events like the 93rd National Day military parade are expected to positively influence the defense military sector [5]. - The core driving force for the defense military industry is the strategic goal of building a world-class military, which is expected to lead to a new era of growth and value in the sector, moving away from purely event-driven cycles [5]. - The defense military ETF (512810) encompasses various emerging themes such as commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion, making it an efficient tool for investing in core defense military assets [5].